There is less room for RRR reduction, but there is still room. The monetary policy toolbox has opened up, which is good for the non bank sector. On January 17, the interest rates of MLF and open market operation “both fell”. Monetary policy takes the initiative and moves forward, which is conducive to boosting market confidence, reducing enterprise loan interest rates through LPR transmission, promoting the decline of bond interest rates, promoting the steady decline of enterprise comprehensive financing costs, stimulating the financing demand of market subjects and enhancing the stability of total credit growth. The next day, the press conference of the people’s Bank of China at the State Information Office revealed that the space for reducing the reserve requirement became smaller, but there was still a certain space, which could be used according to the economic and financial operation and the needs of macro-control; We should expand the monetary policy toolbox, maintain the stability of the total amount and avoid the “collapse” of credit. The next work of the people’s Bank of China will focus on: 1) maintaining the stable growth of the total amount of money and credit. 2) Keep the credit structure steadily optimized. 3) Keep the comprehensive financing cost of enterprises steady. 4) Keep the RMB exchange rate basically stable at a reasonable and balanced level. The expression of “expanding the monetary policy toolbox” undoubtedly injects a strong shot into the reasonable filling of market liquidity. At the same time, the independence of China’s monetary policy also ensures the operability of subsequent policies, which is good for the liquidity of the capital market as a whole and lays a foundation for the market of the non bank sector.
Nine ministries and commissions issued documents to clarify the financial norms of platform economy participation, which is conducive to the long-term development of Internet finance. This week, the national development and Reform Commission and other nine ministries and commissions issued several opinions on promoting the standardized, healthy and sustainable development of the platform economy, involving the supervision of the financial field: 1) improve the regulatory rule system in the financial field, adhere to the inclusion of all financial activities in financial supervision, and financial businesses must be licensed; 2) Strengthen the supervision of the payment field, disconnect the improper connection between payment instruments and other financial products, and manage the exclusive or “one of two” behaviors in the payment process according to law; 3) Strengthen supervision over the abuse of market dominance related to non bank payment services, and study and issue regulations on non bank payment institutions; 4) Implement the supervision system of financial holding companies, strictly review the qualification of shareholders, strengthen penetration supervision, and strengthen comprehensive risk management and related party transaction management; 5) Strictly regulate financial institutions and local financial organizations invested by platform enterprises, and urge platform enterprises and their holding and participating financial institutions to strictly implement the requirements of capital and leverage ratio; 6) Improve the financial consumer protection mechanism, strengthen the supervision of marketing behavior, ensure that the information disclosed is true and accurate, and do not induce excessive consumption. As an important participant in the financial field, platform economy is an important innovation force. The implementation of its regulatory norms is conducive to the long-term and healthy development of Internet finance. At the same time, on the basis of firmly adhering to the bottom line thinking of financial risk, it will promote the process of high-quality and sustainable financial innovation.
In terms of securities companies, double click on market liquidity and policy, continue to be optimistic about the spring market of the sector, select high-quality targets with fundamentals, and maintain the optimistic rating of the industry. Derivatives mainline recommends Citic Securities Company Limited(600030) (600030, overweight), and it is recommended to pay attention to China International Capital Corporation Limited(601995) (03908, not rated); The main line of public offering recommends Gf Securities Co.Ltd(000776) (000776, buy), China Industrial Securities Co.Ltd(601377) (601377, overweight), and it is recommended to pay attention to China Greatwall Securities Co.Ltd(002939) (002939, not rated).
In terms of diversified finance, Hong Kong stocks recommend Far East Hongxin (03360, buy), a leader in financial leasing, and Hong Kong Stock Exchange (00388, overweight), a leader in global exchanges; US stocks recommend BlackRock (BLK. N, overweight), a global asset management leader, and Noah wealth (Noah. N, buy), a third-party high net worth asset management leader. At the same time, it is suggested to pay attention to the high-growth Hong Kong US stock broker leader futu Holdings (futu. O, buy) and tiger securities (TIGR. O, buy) with increasingly prominent bottom layout opportunities.
In terms of insurance, the scale of the team has gradually bottomed out, the production capacity of the remaining team has been improved, and it is expected to start a good start gradually; The inflection point of property insurance has arrived, and we look forward to the synchronous improvement of premium and cor; The outlook of the equity market is optimistic, and the liberalization of the investment ceiling adds upward flexibility. We are optimistic about large insurance companies that actively promote reform and enhance production capacity through science and technology empowerment and cross sales, and maintain the optimistic rating of the industry. Follow up suggestions focus on Ping An Insurance (Group) Company Of China Ltd(601318) (601318, buy), China Pacific Insurance (Group) Co.Ltd(601601) (601601, not rated), AIA (01299, not rated).
Risk tips
The suppression of systemic risk on the performance and valuation of securities business; Stricter supervision than expected;
The long-term interest rate is lower than expected; Related policy risks in diversified financial field. Investment proposal and investment object
